French entertainment and telecoms group Vivendi has received EUR1.25 billion from Deutsche Telekom following the resolution last month of the long-running disagreement over the ownership of Polish mobile operator Polska Telefonica Cyfrowa (PTC). Vivendi is also “weeks away” from closing the US$5.8 billion sale of a 20 percent stake in US broadcaster NBC Universal to General Electric, according to Reuters, which  interviewed the French company’s CEO Jean-Bernard Levy. Levy says that once Vivendi gets its hands on the proceeds from the NBC Universal sale, and puts them together with the sum received from Deutsche Telekom, then it will be in position to negotiate the purchase of the 44 percent stake it does not already own in SFR, France’s second largest operator. The stake, which is owned by Vodafone, has been valued by analysts at EUR7-8 billion, says the report.

Levy’s comments fits timewise with a report in December which said Vodafone sees the sale of the SFR stake as “close”. The SFR sale would free up funds for Vodafone, which would spend a chunk of the proceeds on a share buyback later this year, said the report. The SFR stake is one of two minority shareholdings that Vodafone is looking to sell. The other is its stake in Polkomtel, coincidentally another Polish mobile operator. Vodafone holds a 24.4 percent stake in Polkomtel through two of its holding companies. However, the process of completing the Polkomtel sale could prove lengthy, given it is owned by four companies in addition to Vodafone.  The UK company appears more likely to complete the SFR disposal ahead of any Polkomtel deal.  Separately, Vivendi would also use its proceeds from the PTC and NBC Universal deals to buy out a minority stake in French pay-TV operator Canal Plus from Lagardere, said Levy.